The rising appeal of pet owners to consider pets as family members, leading to the global trend of pet parenting, will significantly influence the companion animal diagnostic market forecast.
The rising appeal of pet owners to consider pets as family members, leading to the global trend of pet parenting, will significantly influence the companion animal diagnostic market forecast. There is increased adoption of pets to provide companionship to the older population in emerging countries like the U.S. and Europe. As per estimates from the European Pet Food Industry Statistics, the number of pet-owning homes in the region crossed 75 million in 2014. This penetration of pets will push the need for various advanced pet products.
The emergence of various cutting-edge technological systems will result in developments in companion animal diagnostics. The genome sequencing of pathogens can be enhanced with the application of polymerase chain reaction (PCR) technology to produce vital elements to help in parasite control, disease diagnosis, and biological research.
Furthermore, DNA biotechnology is deployed in programs for animal disease control. As per reports, the companion animal diagnostic market size could surpass a yearly value of more than USD 3.2 billion by 2024.
Demand for improved veterinary care
Companion animal diagnostics market share from clinical biochemistry technology is pegged to record a CAGR of 7.8% through the next few years. This can be attributed to the rise in efforts towards the conservation of endangered species. There is a higher preference for advanced as well as economical veterinary care with the incorporation of novel micro methods across companion animal diagnostic clinics and laboratories.
Potential in horse diagnostics
Annual remuneration for the horse diagnostic industry surpassed over USD 370.9 million in 2017 considering the incessant need for accurate diagnosis of skin and digestive disorders in these pet animals. Factors such as genetic resistance of the affected breed or species, cell tropism, disease-causing agents, defense mechanisms of the infecting host are likely to influence the course and results of the diseases.
The age, hormonal levels as well as nutritional status affecting infected horses will further add impetus to the demand for animal diagnostics.
Increased presence in the U.K and Brazil
There is a continued preference for pet adoption in the U.K, making it a home for a significant number of companion animal diagnostic centers. The regional companion animal diagnostic market is anticipated to hit an 8.1% CAGR through 2024 owing to the surge in the household incomes of consumers and their willingness to spend on pet products. The Pet Food Manufacturers Association had stated that there were over 13 million pet-owning households across the country in 2018.
Brazil is a prominent contributor to the Latin America companion animal diagnostic market and collected more than USD 25.3 million in 2017. This is due to the growing trend of adopting pets as family members. As per the Brazilian Association of the Industry of Products for Pets, the country is an abode to more than 52 million dogs, 22 million cats, 38 million birds, and 18 million fish. The demand for pets and excessive spending on their healthcare will augment the regional penetration for companion animal diagnostics.
To access sample pages of this report titled, “Companion Animal Diagnostic Market Size By Technology [Immunodiagnostics {ELISA, Lateral Flow Assays, Immunoassay Analysers}, Clinical Biochemistry, Haematology, Molecular Diagnostics {PCR, Microarrays}, Urinalysis] By Animal Type [Dogs, Cats, Horses] Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents, please click on the link below:
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Innovations from R&D initiatives
Service providers in companion animal diagnostics are keen on marketing strategies and R&D investments to introduce innovations in products and diagnostic solutions besides sustaining competition. For instance, VolitionRx Limited, a leading firm operating in companion animal diagnostic imaging, in December 2020, introduced the Nu.Q, a vet cancer screening test. This novel test can be considered as an annual wellness check for older dogs and helps in the detection of cancer in the canine animal.
The ongoing COVID-19 pandemic could have also increased the demand for pet animal diagnostics. Abaxis, Heska Corporation, Thermo Fisher Scientific, Virbac, Neogen, Zoetis, Randox, Qiagen, and IDEXX Laboratories are some of the other global firms in the sector.
However, higher prices of companion animal diagnostic tests leading to challenges faced by the supervisors in evaluating the effects caused by over 100,000 presently active chemicals may negatively hamper the Companion Animal Diagnostic Market forecast. Also, the large cost incurred from the maintenance of animals used for research purposes will hinder the development of companion animal diagnostics.
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